The Nigerian equity market closed transactions for the first trading week in the year 2023 on a bearish note, although market opened for only four trading days as Monday 2nd January, 2023 was declared a public holiday, to mark the New Year celebration.
The negative sentiment was buoyed by bargain hunting in stocks like AIRTELAFRI, NESTLE and others, although all major sectors appreciated except the Industrial goods sector which declined by (0.58%). Investors’ wealth dipped by N15.64 billion last week and a total of 17 stocks dropped last week higher than 16 stocks the previous week.
Furthermore, the Market Indicators NGX-ASI decreased by 0.06% w/w to close for the week at 51,222.34 absolute points compared to 51,251.06 absolute points the previous week. While the Market Capitalization also dipped by 0.06% w/w, to close at ₦27.90 trillion as against ₦27.92 trillion the previous week.
The downtrend was influenced by loses recorded in some medium and large capitalized stocks, amongst which are; CHAMPION(-15.64%), CHIPLC(-10.45%), JAIZBANK(-5.43%), AIRTELAFRI(-5.20%), NASCON(-4.95%), FCMB (-3.90%), ROYALEX(-3.77%), FTNCOCOA(-3,45%), ACADEMY(-3.10%), PZ(-3.08%), ARDOVA(-2.17%), NESTLE(-1.828%), BUACEMENT(-1.79%), INTBREW(-1.08%) and DANGSUGAR(-0.31%).
BUY: This means the upside potential of the stock over the next 12 months is significantly high when the current price is compared to our fair value. Hence, investors may take positions in these stocks.
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